PB: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
PB
Largest movements
- Current investments +€300,000
new in 2025: €300,000
- Financial fixed assets +€116,712
up €116,712 (+155.5%), from €75,038 to €191,750
- Receivables within one year +€10,316
up €10,316 (+30.3%), from €34,025 to €44,341
of which Other amounts receivable: +€11,390
- Reserves +€392,478
up €392,478 (+175.2%), from €223,957 to €616,435
of which Distributable reserves: +€350,000
- Other debts +€73,661
up €73,661 (+55.7%), from €132,331 to €205,992
- Debts after one year -€47,196
down €47,196 (-35.8%), from €131,726 to €84,530
- Tax, wage and social debts +€10,573
up €10,573 (+129.6%), from €8,156 to €18,729
of which Taxes: +€9,365
- Financial income +€651,360
up €651,360 (+1301.0%), from €50,067 to €701,427
- Depreciation -€20,042
down €20,042 (-41.5%), from €48,280 to €28,238
- Gross operating margin -€15,356
down €15,356 (-11.4%), from €134,755 to €119,399
- Taxes +€8,363
up €8,363 (+89.2%), from €9,379 to €17,742
- Staff costs +€5,501
up €5,501 (+30.9%), from €17,779 to €23,280
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €581,126 | €1,000,652 | +€419,526 | +72.2% |
| Fixed assets | 21/28 | €511,059 | €623,464 | +€112,405 | +22.0% |
| Tangible fixed assets | 22/27 | €436,021 | €431,714 | -€4,307 | -1.0% |
| Land and buildings | 22 | €379,618 | €369,117 | -€10,501 | -2.8% |
| Plant, machinery and equipment | 23 | €49,308 | €58,985 | +€9,677 | +19.6% |
| Furniture and vehicles | 24 | €7,095 | €3,613 | -€3,482 | -49.1% |
| Financial fixed assets | 28 | €75,038 | €191,750 | +€116,712 | +155.5% |
| Current assets | 29/58 | €70,067 | €377,188 | +€307,121 | +438.3% |
| Stocks and contracts in progress | 3 | €8,843 | - | -€8,843 | |
| Stocks | 30/36 | €8,843 | - | -€8,843 | |
| Amounts receivable within one year | 40/41 | €34,025 | €44,341 | +€10,316 | +30.3% |
| Trade receivables | 40 | €1,184 | €109 | -€1,075 | -90.8% |
| Other amounts receivable | 41 | €32,841 | €44,231 | +€11,390 | +34.7% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €25,255 | €30,777 | +€5,522 | +21.9% |
| Deferred charges and accrued income | 490/1 | €1,944 | €2,070 | +€126 | +6.5% |
| Total equity and liabilities | 10/49 | €581,126 | €1,000,652 | +€419,526 | +72.2% |
| Equity | 10/15 | €244,747 | €637,908 | +€393,161 | +160.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €223,957 | €616,435 | +€392,478 | +175.2% |
| Tax-exempt reserves | 132 | €21,957 | €64,435 | +€42,478 | +193.5% |
| Distributable reserves | 133 | €202,000 | €552,000 | +€350,000 | +173.3% |
| Profit (loss) carried forward | 14 | €790 | €1,473 | +€683 | +86.5% |
| Provisions and deferred taxes | 16 | €8,968 | €7,445 | -€1,523 | -17.0% |
| Deferred taxes | 168 | €8,968 | €7,445 | -€1,523 | -17.0% |
| Amounts payable | 17/49 | €327,411 | €355,300 | +€27,889 | +8.5% |
| Amounts payable after more than one year | 17 | €131,726 | €84,530 | -€47,196 | -35.8% |
| Financial debts | 170/4 | €131,726 | €84,530 | -€47,196 | -35.8% |
| Amounts payable within one year | 42/48 | €192,235 | €269,633 | +€77,398 | +40.3% |
| Current portion of amounts payable after more than one year | 42 | €48,367 | €43,196 | -€5,171 | -10.7% |
| Trade debts | 44 | €3,381 | €1,716 | -€1,665 | -49.2% |
| Suppliers | 440/4 | €3,381 | €1,716 | -€1,665 | -49.2% |
| Taxes, remuneration and social security | 45 | €8,156 | €18,729 | +€10,573 | +129.6% |
| Taxes | 450/3 | €7,066 | €16,431 | +€9,365 | +132.5% |
| Remuneration and social security | 454/9 | €1,090 | €2,299 | +€1,209 | +110.9% |
| Other amounts payable | 47/48 | €132,331 | €205,992 | +€73,661 | +55.7% |
| Accrued charges and deferred income | 492/3 | €3,450 | €1,136 | -€2,314 | -67.1% |
| Remuneration, social security and pensions | 62 | €17,779 | €23,280 | +€5,501 | +30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,280 | €28,238 | -€20,042 | -41.5% |
| Other operating charges | 640/8 | €2,825 | €3,627 | +€802 | +28.4% |
| Gross operating margin | 9900 | €134,755 | €119,399 | -€15,356 | -11.4% |
| Operating profit (loss) | 9901 | €65,871 | €64,253 | -€1,618 | -2.5% |
| Financial income | 75/76B | €50,067 | €701,427 | +€651,360 | +1301.0% |
| Recurring financial income | 75 | €50,067 | €701,427 | +€651,360 | +1301.0% |
| Financial charges | 65/66B | €7,985 | €6,300 | -€1,685 | -21.1% |
| Recurring financial charges | 65 | €7,985 | €6,300 | -€1,685 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €107,953 | €759,380 | +€651,427 | +603.4% |
| Transfer from deferred taxes | 780 | €332 | €286 | -€46 | -13.8% |
| Income taxes | 67/77 | €9,379 | €17,742 | +€8,363 | +89.2% |
| Profit (loss) for the period | 9904 | €98,906 | €741,925 | +€643,019 | +650.1% |
| Transfer from tax-exempt reserves | 789 | €38,703 | €859 | -€37,844 | -97.8% |
| Transfer to tax-exempt reserves | 689 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €137,609 | €700,683 | +€563,074 | +409.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.